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Two Factor Authentication Market

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					           Two Factor Authentication Market worth $5.45 Billion by 2017

According to a new market research report “Two Factor Authentication Market- By
Model / type (two, three, four & five-factor), Application (Banking & Finance,
Healthcare, Government, Defense, Travel & immigration, Consumer Electronics
and Commercial Security)& by Geography – Forecasts (2012 – 2017)” published by
MarketsandMarkets (www.marketsandmarkets.com), the total market is expected to reach
$5.45 billion by 2017, at a CAGR of 17.3%.

Browse 118 market data tables with 31 figures spread through 275 pages and in-
depth TOC of "Two Factor Authentication Market- By Model / type (two, three, four
& five-factor), Application (Banking & Finance, Healthcare, Government, Defense,
Travel & immigration, Consumer Electronics and Commercial Security)& by
Geography – Forecasts (2012 – 2017)".
http://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-
877.html
Early buyers will receive 10% customization on reports.

Multi-factor authentication (MFA) implies user and employee authentication by verifying two
or more authentication techniques (hardware token, One Time Password, Password/PIN,
and biometric traits) provided by him/her. MFA has become the most important part of
security due to increase in unauthorized access, frauds, border intrusion, etc. MFA is
increasingly getting deployed at all the security checkpoints of airports, commercial
complex, retail malls, banking & finance, etc. MFA provides accurate authentication and
negligible margin of duplicity or error.

This report describes the various types of biometric and non-biometric technologies such as
hardware and software tokens, OTP (One Time Password), and biometric recognition that
are being used for different applications. The above-mentioned techniques can be combined
to form two-, three-, four-, and five-factor authentication models. Out of these models, two-
factor authentication is commonly used in most of the applications. Two-factor
authentication is the oldest type of MFA technique and can be seen at banks, ATMs, and
various government offices.

The report also throws light on the various application areas of MFA technology such as
government, banking and finance, travel and immigration, defense, consumer electronics,
commercial security, and healthcare. MFA technology is slowly spreading across all the
industries wherever security is of the prime concern. MFA is largely deployed in the
application areas like government, travel and immigration, banking & finance, and defense.

Two-factor authentication model covers almost 90% of the market for multi-factor
authentication, wherein banking & finance, travel & immigration, commercial security are
the major applications. Three, four-, and five-factor authentication models are less used
when compared to two-factor authentication. The three-factor authentications include smart
card with pin and biometric technology, smart card with two biometric technologies, pin with
two biometric technologies and three biometric authentications. On the other hand, four-
and five-factor authentication includes the use of smart card and pin with more than one
type of biometric technology such as face recognition, fingerprint recognition, voice
recognition, etc. Three-factor authentication is mostly used in private access areas like bank
lockers, secret data access, defense and travel & immigration. The use of four- and five-
factor authentication models is restricted to high cost projects in defense, research, and
government-based applications.
Global MFA market is expected to reach $5.45 billion by 2017, at an estimated CAGR of
17.3%. North America is the biggest multi-factor authentication market; followed by Europe
and APAC. In ROW, Middle East and Africa are the largest contributors.

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posted:1/23/2013
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Description: Multi-Factor Authentication Market (MFA) report segments multi-factor authentication by type such as Smart Card with pin, Smart Card with Biometric Technology, Multifactor Biometric Technology and Smart Card with Pin and Biometric Technology.